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President Obama signed the Small Business Jobs Act into law on September 27, authorizing $42 billion in lending and tax cuts for small businesses. The aim of the law is to create 500,000 new jobs. Obama lamented the length it took to pass the bill, after it was delayed several months by debate among the U.S. Senate.

With the law, eight tax cuts go into effect today, including one which allows small businesses to write off up to $500,000 in investments this year. The bill also rewards business owners with a temporary payroll tax holiday for hiring unemployed workers.

Read more details on the small business legislation here.

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